Angola’s economic growth revised upwards by IMF

Construction cranes stand among commercial buildings in the business district of Luanda

Angola’s economy is expected to grow by 2.2 percent this year and 2.4 percent in 2019, up by 0.6 percentage points and one percentage point than forecasts in the World Economic Outlook for October 2017, the International Monetary Fund announced on Tuesday in Washington.

The IMF, which is holding its Spring Meetings this week, said the upward review of real growth rates is based on rising oil prices, “which increase disposable income and improve economic sentiment.”

Angola, whose economy posted real economic growth of 0.7 percent in 2017, is expected to register real growth of 4 percent in 2023, according to IMF forecasts.

Mozambique, for its part, is expected to have lower economic growth this year and 2019, with real rates of 3 percent and 2.5 percent, respectively, before accelerating to 9.9 percent in 2023, based on projections that natural gas exploration projects will already be generating significant revenues.

The estimate for the growth of the Mozambican economy represents a downward review from the 5.3 percent expected by the IMF in October last year that Mozambique would post growth this years, as well as in 2023, with a drop from 14 percent to 9.9 percent.

Cape Verde’s economy is expected to record a constant growth rate in the three years under analysis – 4.3 percent this year and 4 percent in 2019 and 2023.

Economic growth in Sao Tome and Principe and Guinea-Bissau is expected to fluctuate between 5 percent and 5.5 percent, according to the World Economic Outlook for Spring.  MDT/Macauhub